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(Fortune Magazine) -- Sometime later this year, less than 70 miles from Florida, a consortium of Spanish, Indian and Norwegian companies will likely start drilling for oil. It could mark the beginning of a Cuban oil rush - one that American oil companies won't be able to join, despite their proximity to the action.
And that has some U.S. oil industry executives and lobbyists seething, especially since the American Association of Petroleum Geologists calls the offshore Cuban oil deposits a "significant find."
The House version, sponsored by Jeff Flake (R-Arizona), which would allow the sale of U.S. oil services and equipment to the foreign companies already exploring in Cuba, may also be revived.
"This is not the 1960s, when the Kennedy administration was protecting the U.S. from a possible missile attack," says Charles Drevna, executive vice president of the National Petrochemical and Refiners Association, which represents 450 companies. "These resources will be developed and produced - the question is by whom. Prohibiting U.S. companies from developing resources 90 miles away is an Alice in Wonderland approach to policy that must be revisited."
Call it Castro's revenge. With Cuba's leader sidelined by illness and its economy in shambles, a major oil find - estimated by the U.S. Geological Survey at 4.6 billion barrels, nearly two-thirds the amount in the Arctic National Wildlife Refuge - could give Havana a new lease on life. "Cuba could be a major regional player in oil," says Jorge Piñon, an oil expert at the University of Miami and a former president of Amoco Oil Latin America.
Originally posted by Rockpuck
LOL pie, good job on getting those cigars lol...
I don't think Cuba will let us touch that oil though, they will finally produce it and will strike it rich. In short, they don't need us anymore.
I think we should steal it and i'll tell you why. NO ordinary Cuban will ever enjoy one penney of Cuban oil.
Originally posted by Rockpuck
Not a single comment? No one cares?
Should we be happy for Cuba? Be cautious of Cuba? Steal Cubas oil?
Originally posted by Rockpuck
If we would have taken the approach of offering free trade and such as long as they abide by human rights, I have no doubt in my mind Cuba would have turned to capitalization and the people would have overthrown Castro for democracy.
Originally posted by Rockpuck
Ha .. that would be great, but any resource has its draw backs.
Hydrogen. Its biproduct is water.
Think about that... millions of cars driving every day producing water... roads slick.. humidity high.. it could produce late afternoon thunder storms in places like LA or New York City.. you never know fully the side effects of a resource untill it is officially used in mass amounts.
Oil is the only thing we have right now, no other resource will make money and serve its purpose.. untill the mircle car of the future gets here we have to worry about oil.